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Full Text of this Amendment
and modernizing our energy infrastructure, and to amend the Internal Revenue Code of 1986 to provide tax incentives for the production of renewable energy and energy conservation; which was ordered to lie on the table; as follows:
In lieu of the matter proposed to be inserted, insert the following:
SEC. __X. NEW RESTAURANT PROPERTY ELIGIBLE FOR BONUS DEPRECIATION.
(a) In General.--Clause (i) of section 168(k)(2)(A) of the Internal Revenue Code of 1986 (relating to qualified property) is amended by striking ``or'' at the end of subclause (III), by inserting ``or'' at the end of subclause (IV), and by adding at the end the following new subclause:
``(V) which is new restaurant property,''.
(b) Qualified New Restaurant Property.--Subsection (k) of section 168 of such Code, as amended by this Act, is amended by adding at the end the following new paragraph:
``(6) QUALIFIED NEW RESTAURANT PROPERTY.--For purposes of this subsection, the term `qualified new restaurant property' means any section 1250 property which is a building if more than 50 percent of the building's square footage is devoted to preparation of, and seating for on-premises consumption of, prepared meals.''.
(c) Effective Date.--The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.
(As printed in the Congressional Record for the Senate on Apr 8, 2008.)